Public B2B marketplaces are a diverse group, with each company adopting different strategies tailored to their specific industries. The way each publicly traded marketplace operates also varies, with unique tools and features designed to meet the needs of buyers and sellers on their platforms.

However, public marketplaces share common goals, such as driving revenue and profit growth through diversification. Two key examples of B2B marketplace strategies: international expansion and offering new services.

2 key B2B marketplace strategies

International expansion

Xometry, a B2B marketplace for manufacturing services, is focusing on international growth. Within a few years, international sales could represent up to 40% of its total sales. To support this expansion, Xometry is introducing new AI-powered tools to streamline the management of complex manufacturing orders for engineers, designers, procurement professionals, and project managers across Europe.

Xometry’s updated dashboard provides users with a range of features, including instant quotes, project tracking, multiple quote management, and direct communication with Xometry’s production management and engineering support teams.

Currently, international sales, including Europe, the United Kingdom, and Asia, account for 16% of Xometry’s total revenue. In the second quarter ending June 30, international sales grew 31%, reaching $20.42 million. That’s up from $15.58 million in the same quarter of 2023. However, the international segment recorded a Q2 loss of $6.58 million, compared to a $3.64 million loss in the previous year.

CEO Randy Altschuler remains optimistic, stating, “We believe our international business can eventually account for 30% to 40% of total sales, as is common with many other global online marketplaces.”

New Services

GigaCloud Technology Inc., a B2B marketplace specializing in large-parcel merchandise, experienced significant growth in 2023, particularly in its core ecommerce metrics. Launched in 2019, GigaCloud initially focused on the global furniture market before expanding into categories such as home appliances and fitness equipment. The company went public in the U.S. in 2022 and achieved profitability in 2023.

In February, GigaCloud announced further international expansion, adding third-party suppliers from Colombia, Mexico, and Turkey to its platform. As the marketplace continues to grow, CEO Larry Wu highlights the challenges posed by shifts in the global supply chain. He sees these shifts as opportunities for resellers to become buyers on the platform, adapting to supply chain conditions and sourcing products from various regions.

“This strategic move positions GigaCloud as a key player in global trade, offering diverse supply chain solutions that empower resellers to source products globally,” Wu said. “Our comprehensive logistics and fulfillment services optimize procurement efficiency and overall supply chain performance, all at their fingertips.”

For its fiscal second quarter ending June 30, GigaCloud’s revenue grew 103.1% year over year, reaching $310.9 million. This builds on a strong first quarter, bringing first-half revenue to $561.94 million, effectively doubling the company’s earnings.

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